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PCAOB revises proposal on supervising outside audit work

Audit regulators are refining their proposed standard that would raise the bar on how audit firms supervise outside auditors, asking for a new round of public comment on some planned changes.

The Public Company Accounting Oversight Board issued a revised proposal that would amend some existing standards and introduce an entirely new standard, all intending to establish more specific requirements for how auditors supervise other auditors outside the principal firm who assist with engagements. The board is asking for a new round of public comment before finalizing the rule and submitting it to the Securities and Exchange Commission for its consideration and approval.